The cost of living in California has resulted in negative effects that cause problems for Californians.
Thanks to some safety net programs, the high cost of living in California is somehow kept at bay. (Photo: The Honest Local)
The High Cost Of Living In California
The cost of living in California, particularly for housing, is significantly high. According to Forbes magazine, the cost of living in California ranks as the third-highest in the country, trailing behind Hawaii and Massachusetts.
Aside from the high cost of living in California, the state also experiences a notable income disparity, which contributes to its elevated poverty rate. Research conducted by the Public Policy Institute of California reveals that almost one-third of Californians live in poverty or near poverty due to the high cost of living in California.
If not for safety net programs, the poverty rate would be even higher because of the high cost of living in California. The state is currently grappling with budget deficits due to stagnant revenues and increased spending which may also be a reason for the high cost of living in California.
According to a published article by SmartNews, Californians also carry substantial personal debt, especially in mortgages which is still due to the high cost of living in California. Nevertheless, the state’s bankruptcy rate remains relatively low despite the high cost of living in California.
Cities With The Best Quality Of Living
In a published article by Business Insider, the Economist Intelligence Unit (EIU) published a ranking of living conditions in cities, assessing factors such as stability, etc. The cities on the list include Vienna, Copenhagen, Melbourne, etc.
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